Real eState

LACKIE: Real estate seemingly immune to social, economic perils of COVID – The Province

Published

4 years ago

August 22, 2020

While pretty much all facets of life as we know it have changed in the face of COVID-19, Toronto’s housing market inventory problem is somehow immune.

Stock photo / GETTY IMAGES

It’s hard to believe we’re coming up on six months of life in the age of COVID-19.

For many, life feels more familiar. Social distancing restrictions have eased. They make cute masks now. Grocery shopping no longer feels terrifying. And patios are full, even if the tables are six feet apart.

Somehow no one seems to bat an eyelash at baristas with tiny windshields on their faces or cashier ringing up their groceries from inside a plexiglass box.

Scientists tells us human beings are the planet’s most adaptable species, but I can’t think of a period in my lifetime where that has been more broadly apparent than life lately.

All of our work lives have been impacted in some way, big or small, either temporarily or more permanently.

For me, real estate has powered right on, seemingly immune to the social and economic perils, producing truly mind-blowing sales figures month after month.

You might think nothing has changed in that regard. But from the inside looking out, the shift, while subtle, is striking.

Buyers have changed.

There’s a confidence I’ve not seen to such an extent before.

There’s no question that the real estate market could take a hit due to the economic fallout of the pandemic. The real question would be how long the recovery is likely to take.

Typically this would result in buyers seizing up in fear.

Today they leap instead.

My clients typically task me with finding them the best house they can afford in their choice neighbourhood, maximizing whatever budget they have to work with.

While they usually have general boundaries they’re looking within, the competitive Toronto market requires some degree of flexibility — people who are drawn to the Junction usually like High Park, same goes for Leslieville with Riverdale or the Beach.

But now, in the midst of what appears to be a mass exodus to the suburbs, I have clients I would have described as die-hard Torontonians who exclusively drink Jimmy’s Coffee sending me listings they have flagged in Barrie, Burlington and Aurora.

The same family that previously tasked me with finding them a house in Jackman school district suddenly isn’t particularly fussed as long as the local school is decent.

They want a big house with a mudroom and a sprawling backyard, trails nearby would be great, and what are my thoughts on a pool in terms of resale? Is there any way to find out if Amazon Prime delivers same-day out here?

Think this new appetite has anything to do with six months of working from home with our spouses and children?

If the TDSB is going to be remote learning by November, is it worth sacrificing comfort — and potentially sanity — to stay?

I took an incredibly important business call in my basement furnace room this week. It’s essentially a closet with a burnt-out light bulb, but I realized my kids wouldn’t be able to find me there. It is now my happy place.

Whereas once a family might have contemplated a move to Pleasantville and then spent the next three months touring weekend open houses until they landed on “the one,” COVID seems to have changed that too.

People are much more comfortable doing the legwork from their cars and seeing only the homes they think they have fallen for.

And now it can happen fast.

I have one client who drove by “something cute” in Collingwood one weekend, had me in to appraise his condo the following Tuesday, offered on a different house in Creemore by Thursday, and had a firm offer on his condo two weeks later.

“Who knows if I will even have a job in six months” he said, “better make a move now while I still can.”

See?

Buyers have changed.

— Lackie is a second-generation Sales Representative with Chestnut Park Real Estate and has been helping her clients navigate the challenging Toronto market since 2011@brynnlackie

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Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Published

4 days ago

November 6, 2024

Anne Joseph

TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

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Homelessness: Tiny home village to open next week in Halifax suburb

Published

2 weeks ago

October 24, 2024

Anne Joseph

HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

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Here are some facts about British Columbia’s housing market

Published

3 weeks ago

October 17, 2024

Anne Joseph

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

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